Coastal Financial (NASDAQ:CCB) Posts Quarterly Earnings Results, Misses Estimates By $0.09 EPS

Coastal Financial (NASDAQ:CCB) posted its quarterly earnings data on Tuesday. The company reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.09), Zacks reports. Coastal Financial had a net margin of 5.98% and a return on equity of 13.86%.

Coastal Financial Stock Up 2.1 %

Shares of NASDAQ:CCB traded up $1.77 on Tuesday, reaching $85.91. The company had a trading volume of 27,309 shares, compared to its average volume of 108,861. The stock has a market capitalization of $1.16 billion, a P/E ratio of 28.94 and a beta of 1.22. The stock has a 50-day moving average price of $81.02 and a 200 day moving average price of $64.22. Coastal Financial has a twelve month low of $35.67 and a twelve month high of $88.60. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.14.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CCB. Hovde Group lifted their price target on shares of Coastal Financial from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Keefe, Bruyette & Woods upped their target price on Coastal Financial from $92.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, December 12th. Finally, Raymond James lifted their price target on Coastal Financial from $61.00 to $73.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, October 29th.

Insider Activity at Coastal Financial

In other Coastal Financial news, CEO Eric M. Sprink sold 1,000 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $63.11, for a total transaction of $63,110.00. Following the completion of the sale, the chief executive officer now directly owns 250,388 shares in the company, valued at $15,801,986.68. This represents a 0.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders have sold 14,482 shares of company stock valued at $988,379. Corporate insiders own 16.82% of the company’s stock.

Coastal Financial Company Profile

Coastal Financial Corporation operates as the bank holding company for Coastal Community Bank that provides various banking products and services to small and medium-sized businesses, professionals, and individuals in the Puget Sound region in Washington. It accepts a range of deposit products, including demand and savings accounts, time deposits, and money market accounts.